Best low-interest student loans of April 2026
About 70% of college students rely on loans to finance their education, according to the Urban Institute. And while federal student loans offer lower rates and more hardship relief options, they’re rarely large enough to cover all your educational expenses.
As a result, more borrowers are turning to private student loans to fill in the gaps in their education financing. In the 2019-2020 academic year, only 6% of undergraduates had private loans. By 2023, the figure had risen to over 7.2%.
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Eligible borrowers
Undergraduate and graduate students, parents, health professionals
Loan amounts
$5,000 minimum (or up to state); maximum up to cost of attendance
Loan terms
5, 7, 10, 15, years; up to 20 years for refinancing loans
Of course, not all student loan providers are created equally. In our hunt for the best, we only considered lenders with both fixed and variable rate options and that didn’t charge origination, application or prepayment fees.
Check out the best lenders for low-interest private student loans across various categories. (See our methodology for more information on how we made this list.)
Best low-interest student loans
How to get a low-interest student loan
According to Credible, fixed-rate loans in 2025 range from 3.39% to 17.99% and variable rates from 4.13% to 17.99%. A low rate would be anything below 8% on a fixed-rate loan or below 7% on a variable-rate loan.
If you’re not able to get approved for a low-interest loan, you have some options:
1. Raise your credit score: The easiest way to get a lower interest rate is to have excellent credit (FICO 780 or better). If your score isn’t up to par, get copies of your credit reports from all three credit bureaus — Experian, Equifax and Transunion. Look for errors or examples of fraud that can be removed from your account. Making on-time payments in full each month can also help boost your FICO score.
2. Use a co-signer: If you’re a young college student who came directly from high school, your credit file is probably weak or even nonexistent. One option is to have a parent or other creditworthy adult co-sign on your loan. It reduces the risk to the lender, which gives you a good chance at a lower interest rate. After a set number of payments, you’re generally allowed to release the co-signer and assume the debt fully yourself. Until that time, however, they are financially responsible if you default on payments.
3. Autopay discounts: Most student loan lenders will reduce your rate by 0.25 percentage points if you set up monthly autopay. If your total student loan debt is $40,000, for example, that can save you more than $600 over the life of your loan.
Some lenders also offer loyalty discounts. For example, if you already have a deposit account with Citizens, you could qualify for an additional 0.25% rate discount on top of the autopay rate cut.
- No co-signer required
- International students can qualify with a U.S. co-signer
- 0.50% rate discount for autopay from a Citizens account
- Offers student loan refinancing
- Multi-year approval lets you apply once and then just have a soft credit inquiry when they need funds in the following semesters
- Co-signers can’t be released until after 36 payments.
- Banking services not available in every state
4. Refinance: Student loan refinancing lets you replace a private or federal loan with a new loan, ideally at a lower rate or different repayment terms. Refinancing federal loans requires turning them into private loans, which will cost you access to loan forgiveness, income-driven repayment plans and other benefits.
Best for affordability: Earnest
- Nine-month grace period available
- No co-signer required but offers the option to apply with a co-signer
- 0.25% interest rate discount for autopay
- Qualified borrowers can skip one payment every 12 months
- Offers student loan refinancing
- Offers loans for half-time students while still providing benefits received by full-time students (like the skip payment, autopay discount and more)
- No co-signer release option available
- Variable rates not available in all states
Actual rate will vary based on your financial profile. Fixed annual percentage rates (APR) range from 4.60% APR to 10.24% APR (4.35% – 9.99% with .25% auto pay discount). Variable annual percentage rates (APR) range from 6.13% APR to 10.24% APR (5.88% – 9.99% with .25% auto pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and require selection of our shortest term offered (5 years) and enrollment in our .25% auto pay discount from a checking or savings account. Enrolling in autopay is not required as a condition for approval.
Who’s this for? In addition to offering low rates and zero fees, Earnest guarantees that it can match any competitor’s rate and gives borrowers a $100 Amazon gift card once the match is finalized.
Standout benefits: Borrowers can take advantage of a nine-month grace period and the ability to skip one loan payment a year without facing a penalty.
Best for flexible repayment options: College Ave
- High loan amount
- Flexible repayment terms
- Hardship protections like deferment and forbearance
- No co-signer required for U.S. students
- Offers repayment terms of up to 20 years for graduate student loans (otherwise, up to 15 years for undergraduate loans)
- Co-signer can’t be released until half of the repayment term has passed
College Ave’s student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or BTG Pactual Bank, N.A., member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term
Who’s this for? College Ave lets borrowers select from repayment terms of 5 to 20 years and choose full deferment until graduation or begin payment in school with full, interest-only, or flat $25 monthly payments. It also offers hardship protections like deferment, forbearance and grace periods.
Standout benefits: College Ave is praised for its streamlined application and approval process, which can be completed online in just minutes.
Best for multi-year loans: Citizens
- No co-signer required
- International students can qualify with a U.S. co-signer
- 0.50% rate discount for autopay from a Citizens account
- Offers student loan refinancing
- Multi-year approval lets you apply once and then just have a soft credit inquiry when they need funds in the following semesters
- Co-signers can’t be released until after 36 payments.
- Banking services not available in every state
Who’s this for? Citizens Bank‘s multi-year approval process allows borrowers to apply once, then just have a soft credit inquiry when they need funds in subsequent semesters.
Standout benefits: Borrowers can enjoy a 0.25% rate discount for having a Citizens deposit account and another 0.25% off for setting up autopay.
Best for applying with a co-signer: Sallie Mae
- Loans available to part-time and continuing ed students
- Co-signer release after just 12 payments
- No origination fee
- Offers loans for a wide variety of educational needs including: bar study, medical school, residency and relocation costs, dental school, residency and relocation costs, nursing school/health professions, commercial flight school, coding boot camp and professional certifications
- No student loan refinancing
- Doesn’t offer parent loans
- Hard credit check to prequalify
- Late payment fee
Best for applying without a co-signer: Ascent
- Considers borrowers with no credit
- High loan limit
- Co-signer release available after just 12 payments
- Up to 1% interest rate discount for autopay*
- 1% cash back rewards*
- Considers alternative requirements like the borrower’s school, program, graduation date, major, GPA, cost of attendance and Satisfactory Academic Progress (SAP) to grant approval
- Maximum fixed APR is on the high side
- Doesn’t offer student loan refinancing
Disclosure: *Ascent Funding, LLC products are made available through Bank of Lake Mills or DR Bank, each Member FDIC. Subject to credit approval. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply for Ascent’s Terms and Conditions please visit AscentFunding.com/Ts&Cs. Annual Percentage Rates (APRs) displayed above are effective as of 3/1/2026 and reflect an Automatic Payment Discount (ACH). The ACH discount consists of 0.25% on credit-based college student loans submitted prior to 6/1/2025, a 0.5% discount for on credit-based college student loans submitted on or after 6/1/2025 and a 1.00% discount on outcomes-based loans when you enroll in automatic payments. Loans subject to individual approval, restrictions and conditions apply. Loan features and information advertised are intended for college student loans and are subject to change at any time. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower’s credit history, verifiable cost of attendance as certified by an eligible school and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. Variable rates may increase after consummation.1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits. Ascent applicants and borrowers that agree to the AscentUP Terms of Service and Privacy Policy, as well as students associated with an Ascent parent loan application, have access to the AscentUP platform.
Who’s this for? If you’re going it alone, Ascent has lower rates on non-cosigned student loans than most lenders. It also considers factors beyond your credit score, including GPA, expected graduation date and future earning potential. Depending on the loan, you may even be entitled to a grace period of up to 36 months.
Standout benefits: Ascent offers rewards like 1% cash back on the principal at graduation. Borrowers can also apply for deferment and forbearance.
Best for student loan refinancing: SoFi
- 0.25% autopay interest rate discount
- 0.125% SoFi Plus discount
- No origination fees, no late fees and no insufficient fund fees
- Private loans, which means you lose federal loan benefits
- $5,000 minimum loan amount
Fixed rates range from 4.24% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Variable rates range from 5.99% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 4/1/26 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. You may pay more interest over the life of the loan if you refinance with an extended term.
Who’s this for? SoFi has a variety of refinancing options for undergraduate, graduate, law, MBA, and health profession students to find a lower interest rate or better repayment terms.
Standout benefits: SoFi members can access benefits like financial planning and premium travel discounts.
Private vs. federal student loans
Educational loans are divided into federal student loans, which are provided by the Department of Education, and private student loans, which come from banks, credit unions, online lenders and other financial institutions.
Because they have more flexible credit and repayment requirements and more generous relief options, it’s best to exhaust all your federal student loans before turning to private student loans.
Major differences between federal and private loans include:
The application process
For a federal loan, you’ll need to submit a Free Application for Federal Student Aid (FAFSA) form by June 30. Your FAFSA will also indicate if you qualify for other aid, like Pell Grants and work-study programs.
Applying for a private student loan involves a bank or other lender reviewing your finances, including a hard credit inquiry. In more than 90% of cases, borrowers rely on a co-signer for approval.
Interest rates
Federal loans have a fixed interest rate, while private ones can be fixed or variable.
Borrowing limits
Depending on your year in school and dependency status, federal student loans are capped annuallyat between $5,500 and $12,500.
Private loans, however, can be for as much as 100% of the certified cost of attendance at an approved school. There are minimum loan amounts, as well, usually $1,000 to $5,000.
Repayment terms
Federal loans are set up with standard monthly payments over a 10-year term. You can enroll in an extended repayment plan, however, with payments that increase over time — or enroll in an income-driven repayment (IDR) program, which caps your monthly bill based on your salary, extends your term to up to 25 years and forgives any remaining balance.
Private student loans usually have terms of between 5 and 15 years and rarely offer non-standard repayment options.
When repayment starts
Borrowers don’t have to start repaying federal loans until they graduate or their enrollment status drops to below half-time. With private loans, you may be expected to make full, interest-only or fixed-dollar payments while still enrolled.
Relief options
Federal student loans have a variety of protections for borrowers facing financial hardship, like income-driven repayment, deferment, forbearance and loan forgiveness. (If you suffer a total and permanent disability, you may even qualify for discharge of your federal loan.)
Private student loans come with far fewer protections. Some lenders allow deferment or forbearance, but for much shorter terms.
How to choose a student loan lender
If federal loans and other sources don’t cover all your education expenses, a private student loan can fill the gap. The Consumer Financial Protection Bureau recommends limiting your total student loan debt to what you expect to earn as a starting salary after graduation but, with the rising costs of education, that may be unrealistic.
Once you know how much you need in private loans, ask yourself these five questions:
1. How much will it cost to borrow?
The annual percentage rate on your loan will depend on your credit and if you have a co-signer, but each lender will calculate your rate differently. Be sure to comparison shop to get the best offering.
2. How soon do I have to repay the loan?
Terms for private student loans usually range from 5 to 20 years, depending on the program. Find out what options a lender offers and decide what works for you. A longer repayment term will have smaller monthly payments, but you’ll pay significantly more in interest .
3. When can I release my co-signer?
Over 90% of borrowers apply for private student loans with a co-signer. Most lenders will allow you to release your co-signer after a set number of on-time payments, but that can range from 12 to 36 installments, or even more. And some lenders won’t release co-signers until the debt is paid in full.
4. What borrower’s assistance is available?
Some lenders offer special benefits to borrowers, like interest rate discounts for using autopay or having deposit accounts. Earnest allows you to skip one payment a year without penalty.
Borrowers facing financial hardship may also be able to apply for deferment or forbearance, but on a much more limited scale than federal loans allow.
5. What other benefits does this lender provide?
Depending on the institution, borrowers may benefit from an interest rate reduction for setting up autopay or by making payments while still in school.
Some lenders, like Ascent, also offer cash back on your loan principal at graduation.
Pros and cons of private student loans
Pros
- Much higher borrowing limits than federal student loans
- Can choose between a fixed or variable interest rate, with refinancing options available.
- Open to international and non-citizen students
Cons
- Credit and income requirements mean most borrowers need a co-signer
- Limited relief options, with no access to income-driven repayment plans or federal loan forgiveness programs
More on the best low-interest student loans
Earnest
Earnest offers undergraduate fixed interest rates ranging from 4.35% – 9.99% APR and variable interest rates ranging from 4.99% to 16.85% APR. (Rates include a 0.25% rate discount when enrolled in autopay.) Co-signer releases are not available but borrowers facing temporary financial hardship may be eligible for up to 12 months of forbearance.
Loans: Undergraduate, graduate, international student and parent loans, refinancing
Loan amounts: $1,000 up to the total cost of attendance ($250,000 lifetime limit)
Loan terms: 5, 7, 10, 12 or 15 years
College Ave
College Ave offers undergraduate fixed interest rates ranging from 2.84% – 17.99% APR and variable interest rates ranging from 3.89% – 17.99% APR. (Rates include a 0.25% rate discount when enrolled in autopay.) Co-signers can be released after half of the repayment term has been completed.
Loans: Undergraduate, graduate, MBA, health professions, law school and parent loans, refinancing
Loan amounts: $1,000 up to 100% of the cost of attendance, or a maximum of $150,000 for some degrees.
Loan terms: 5, 8, 10, or 15 years for undergraduate, graduate, career and MBA loans; 5 or 15 for parent loans; up to 20 years for health profession and law school students
Citizens Bank
Citizens Bank offers undergraduate fixed interest rates ranging from 3.49% to 14.99% APR and variable interest rates ranging from 4.95% to 15.43% APR. (Rates include a combined 0.50% loyalty and autopay rate discount for account holders.) Co-signers can be released after 36 consecutive on-time payments.
Loans: Undergraduate, graduate and parent loans, refinancing
Loan amounts: $1,000 up to $400,000, depending on the degree
Loan terms: 5, 7, 10, 15 or 20 years
Sallie Mae
Sallie Mae’s interest rates are competitive with other private lenders. It offers undergraduate fixed interest rates ranging from 4.12% to 16.75% APR with autopay discount. Other rates and loan types are available. Visit Sallie Mae’s website for full details.
Loans: Undergraduate, graduate, health profession, MBA, law school, career training and parent loans
Loan amounts: $1,000 up to 100% of the cost of attendance
Loan terms: 10 to 15 years
Ascent
Ascent‘s non-cosigned, credit-based undergraduate student loans offer fixed interest rates starting at 2.69% APR.
Eligible loans: Undergraduate, graduate, MBA, law school, health profession and parent loans, PhD and Master’s programs loans
Loan amounts: $2,001 up to $200,000 (undergraduate loans) or $400,000 (graduate loans)
Loan terms: 5, 7, 10, 12, 15 or 20 years
SoFi
SoFi is one of the top-ranked lenders on J.D. Power’s 2024 consumer lending satisfaction survey. The San Francisco fintech has fixed-rate undergraduate student loans ranging from 4.24%–9.99% APR and variable-rate loans range from 4.24%–9.99% APR. (Listed rates include a 0.25% rate discount with autopay and a 0.125% discount for loans for multiple students.)
Eligible loans: Undergraduate and graduate loans, parent loans, MBA school loans, law school loans and health professions loans, refinancing
Loan amounts: $1,000 up to 100% of the cost of attendance, or up to $100,000
Loan terms: 5, 7, 10, 15 years; refinancing loans up to 20 years
FAQs
What is a private student loan?
Unlike federal student loans, which are issued by the U.S. Department of Education, private student loans are offered by banks, credit unions, online lenders and other private institutions to help with the cost of college. While they can fill the gap between federal loan limits and the cost of education, private loans come with stricter approval requirements and higher interest rates.
In addition, they don’t typically come with the same borrower protections, like income-based repayment options and federal loan forgiveness programs.
Which bank has the lowest interest rate for student loans?
Student loan rates are always changing and vary depending on the borrower, so there’s not one bank with the lowest rates. According to our analysis, College Ave, Citizens Bank, Ascent, SoFi and Sallie Mae offer some of the most competitive rates without sacrificing flexibility, financial strength or customer service.
Can you get a student loan with bad credit?
It’s more difficult to get a student loan with bad credit, but you may be able to if you’re willing to accept a higher interest rate or have a co-signer with excellent credit.
Can I lower the rate on my private student loans?
You can get a lower interest rate or change your repayment terms by refinancing with your existing student loan lender or working with a new one. The best student loan refinancers don’t charge application or origination fees and can save you thousands of dollars in interest over the life of your loan.
Do student loans affect your credit score?
Yes, student loans can impact your credit score. They are a kind of installment loan and are reported to Experian, Equifax and TransUnion, the three major credit bureaus. Consistent, on-time payments can raise your credit score, while late or missed payments can lower it.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every student loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of student loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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Our methodology
CNBC Select compared private student loan funding options from banks, credit unions, online lenders and other financial institutions offering competitive rates.
We limited our search to institutions that offer variable and fixed interest rates and do not charge origination or application fees or repayment penalties.
We also compared companies on:
- Availability: All of the lenders we chose offer private student loans for undergraduate and graduate students and parents, with many providing unique options for health professions, law, MBA programs and other disciplines,
- Flexible loan terms: Each company has a variety of repayment terms and allow borrowers to start repaying their student loans while still in school.
- Application process: We made sure companies offered a fast online application process.
- Autopay discounts: All of the companies listed offer an autopay interest rate discount.
- Private student loan protections: Each company on our list offers some type of financial hardship protections, ranging from grace periods and deferments to forbearance.
- Loan sizes: The above companies offer private student loans in an array of sizes, all the way up to the cost of college attendance. Each company advertises its respective loan sizes, and completing a preapproval process can give borrowers an idea of what their interest rate and monthly payment would be.
- Co-signer release: We considered how long borrowers had to make consecutive on-time payments, before their co-signer could be released from the loan.
- Credit requirements: Lenders with more flexible credit score and income requirements were weighed more heavily.
- Customer support: We gave more weight to lenders with robust customer service phone hours, mobile apps and a website with an online chat feature and educational resources. We noted if a lender scored highly on J.D. Power’s consumer lending satisfaction survey.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
Based on that criteria, our picks for the best mortgage lenders are:
For affordability: Earnest
Forflexible repayment options: College Ave
For multi-year loans: Citizens Bank
For applying with a co-signer: Sallie Mae
For applying without a co-signer: Ascent
For student loanrefinancing: SoFi®
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Fixed rates range from 4.24% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Variable rates range from 5.99% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 4/1/26 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. You may pay more interest over the life of the loan if you refinance with an extended term. Medical/Dental Loan Disclaimer: Fixed rates range from 4.12% APR to 9.99% APR with a 0.125% discount for Doctors and Dentist, and a 0.25% autopay discount and 0.125% SoFi Plus Discount. Variable rates range from 5.87% – 9.99% APR with a 0.125% discount for Doctors and Dentist, and a 0.25% autopay discount and 0.125% SoFi Plus Discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 4/1/26 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. These specialized rates are offered to applicants who are physicians or dentists with the following degrees: Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Medicine in Dentistry or Doctor of Dental Medicine (DMD), Doctor of Dental Surgery (DDS), Doctor of Optometry (OD), Doctor of Veterinary Medicine (DVM or VMD), Physician Assistant (MPA), Physical Therapy (MTP or DPT). Not available to residents, fellows, or students. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. You may pay more interest over the life of the loan if you refinance with an extended term. Autopay Discount: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly payments as outlined in your loan agreement by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. When the autopay interest rate deduction is added or removed, the next time the loan is re-amortized (quarterly for fixed rate loans; monthly for variable rate loans),the principal balance of your loan will be spread over the remaining loan term, and your monthly payment amount will change. This benefit is suspended during periods of deferment, grace period, or forbearance. Autopay is not required to receive a loan from SoFi. Member Rate Discount: To be eligible for an additional 0.125% interest rate reduction on a Student Loan Refinancing, you must, within 31 days of loan funding, either (1) be a SoFi Plus subscriber, (2) receive an Eligible Direct Deposit into a SoFi Checking or Savings account, or (3) receive at least $5,000 in Qualifying Deposits into a SoFi Checking or Savings account. You must continue to meet at least one of the above eligibility criteria every 31 days to maintain the discount. See the SoFi Plus terms for details on SoFi Plus subscription. For more details on Eligible Direct Deposit or Qualifying Deposits, please see https://www.sofi.com/legal/banking-rate-sheet. Once you become eligible during the initial period, the discount will be removed or reinstated depending on whether the criteria have been met. Each time your loan is re-amortized, your monthly payment amount will change based upon the interest rate that was in place. SoFi reserves the right to modify or terminate this offer at any time for unenrolled participants. You are not required to meet these criteria to be approved for a loan. SoFi Plus Discount: To be eligible to receive an additional (0.125%) interest rate reduction on your Student Loan Refinancing (your “Loan”) for enrolling in SoFi Plus, you must enroll in SoFi Plus within 30 days of Loan funding, either by receiving an Eligible Direct Deposit to your SoFi Checking and Savings account, or by paying the SoFi Plus Subscription Fee. Once eligible, you will receive this discount during periods in which you have received Eligible Direct Deposit to your SoFi Checking and Savings Account, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount lowers your interest rate but does not change the amount of your regular monthly payment. This discount will be removed during periods in which SoFi determines you have turned off Eligible Direct Deposit to your Checking and Savings account or in which you have not paid the SoFi Plus Subscription Fee. SoFi reserves the right to change or terminate this interest rate reduction offer for unenrolled participants at any time without notice. You are not required to enroll in Eligible Direct Deposit or to pay the SoFi Plus Subscription Fee to be eligible for Loan approval. See what qualifies as an Eligible Direct Deposit here: www.sofi.com/terms-of-use/#slr-discount Eligible Direct Deposit means regularly recurring deposit of regular income to an Automated Clearing House (“ACH”) Network during a 30-Day Evaluation Period (as defined below). Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not generate payments that are detectable by our system. So qualifying direct deposits are those where the student loan refinance discount rate is applied automatically for each month where you have an Eligible Direct Deposit of at least $1,000 per 30-day Evaluation Period. Eligible Direct Deposit does not include transfers between accounts you own, refunds, rebates, reimbursements, stimulus payments, merchant refunds, or payments from person-to-person payment services (such as Venmo). To qualify for the 0.25% interest rate reduction, the direct deposit must be recurring and paid directly into a SoFi Checking or Savings account. For the avoidance of doubt, deposits made via check, cash, or mobile check deposit are not eligible. Direct Deposit eligibility is determined by SoFi’s sole discretion. The 30-Day Evaluation Period refers to the period starting on the “Start Date” and ending on the “End Date” set forth on the App Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APV Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking → Checking → APV or (ii) Banking → Checking → APV Details. If you do not qualify for the discount during the initial 30-Day Evaluation Period, your loan will not be eligible for a discount unless you re-qualify in a later 30-Day Evaluation Period. If you qualify during the 30-Day Evaluation Period, the discount will be applied on a going-forward basis only. SoFi Bank determines eligibility. If you have a joint account, each account holder receives Eligible Direct Deposits into your SoFi Checking and Savings account, then you will be eligible for all SoFi Plus benefits, including on accounts you hold in your own name. Federal Loan Disclosure: Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELiIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligiblity. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
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